Being appointed as an executor is often thought as a honour – one last task that your loved one has asked of you. Once you’ve been appointed executor, you might start with the typical tasks of planning the funeral, reviewing the will, locking up valuables, or perhaps downloading an executor’s checklist. You might not even consider the first and most important step – deciding whether you will accept the appointment in the first place.

Before rushing to complete estate related tasks, you should take a moment to reflect whether you are willing and able to act in this important role. After all, being an executor involves up to hundreds of hours of work, financial liability, and challenging decisions that can wreak havoc on family dynamics. It is surprisingly easy to renounce your role in the estate administration before you complete any estate related tasks. Once you’ve started acting, however, it’s a different story. Here are a few questions to ask yourself to help decide whether you should act as the executor.

Do I have the time?

The average estate involves over 100 tasks and can take hundreds of hours spanning over 18-24+ months. A busy professional or parent to young children may not have the spare time to commit to the role. And while technology is getting better, some tasks still need to be done in person and during business hours.  

Do I live nearby?

Administering an estate from another city or province can give rise to logistical challenges. Signing documents, searching through contents of the home, and emptying the safety deposit box are just a few of the tasks that will require you to make an in person visit – possibly involving significant travel time and costs. While the costs can be charged to the estate, these additional barriers may make you think twice about acting as the executor.

Do I get along with the beneficiaries and/or co-executors?

Leading an estate administration is overwhelming enough, but working with individuals that you do not get along with creates a new list of challenges. You must be able to make decisions with the appointed co-executor(s) to achieve the best outcomes for the estate. As well, there should be a respectful relationship between you and the beneficiaries to reduce unnecessary conflict or delay. Being an executor involves difficult decisions and working with the right team goes a long way.  

How complex is the estate?

You don’t know what you don’t know. Acting as executor for a complex estate requires additional forethought, as well as a team of tax and legal experts. Some planning opportunities can be missed entirely without the right knowledge and tools. For example, contributing to a spousal RRSP after death, electing for a spousal rollover, or conducting post-mortem tax planning for private corporations are all tasks that if not done properly, can cost the estate significant dollars. If the estate is complex, hire experts to assist you. Or if you don’t want to get involved at all, you can renounce.

Once you’ve asked yourself the above questions, whatever decision you make will be an informed one. If you wish to renounce your role, or wish to act and need estate experts to assist you, contact Guardian Estate Company. We can connect you with the right professionals for your unique situation.

The above is for informational purposes only. It is not intended to be legal or financial advice. We accept no liability for any losses arising from use of the above information. We recommend you speak to your lawyer to obtain specific advice or guidance regarding your unique situation.